Thursday, February 3, 2011

John D. Rockeffeller notes

  • write down what you make and spend every single day.
  • child voted most to succeed
  • grandfather first billionaire, but were criticized about how they spent it
  • everyone said that his grandfather went beyond the law to get rich
  • name known as ruthlessness and oil
  • their name was always ment as power and wealth
  • the oil was so good and booming, had everything named or to do with oil
  • oil was in streets and in the air, rough and uncomfortable in life as anyone can imagine
  • born in new york 1839, mother was a baptist, husband was a small time con artiest
  • he wanted to control things his way
  • to write it down and know all the money helps you be more respective of money.
  • ledger a was when he recorder every thing like pennies.
  • in 1865, he went into a partnership with Samuel Andrews.
  • $100,000 driller--> refiner
  • the cheaper it costs, the greater it's profits.
  • the company grew by building up refineries.
  • bought out competition by offering his stock.
  • never lost his deep commitment to religion.
  • Rockefeller in 1882 moved his company to New York.
  • paid for a black woman's freedom
  • established a college for black women in Atlanta.
  • In 1889, he donated $600,000 to a college
  • the only reason he gave lots of money because he had a sense of responsibility to use his money intelligently.
  • he became the perfect example of capitalism gone mad.
  • he own a portion of 34 companies.
  • handed over his business to his son.
  • ledger lasted for 2 generations
  • he had a nervous break down and gave up his work.
  • Rockefeller died 3years before he was 100 years old

What i learnt was that they were a very rich family. They were very involved in the oil stuff, and that they become so famous for creating the ledger were you write down everyhting that you make and spend, to help you appreciate what the value of money really is.  The ledger in the family only lasted 2 generations at the most.

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